Key facts
- Only 244 crypto-asset service providers have received full licenses under the EU's MiCA regulation.
- Crypto firms are increasingly looking to Dubai as an alternative due to EU licensing challenges.
- Germany leads in license issuance with 57, followed by France with 26.
- Several European countries, including Greece, Hungary, Poland, Portugal, and Romania, have issued no MiCA licenses.
- Binance, Bitget, and MEXC are no longer authorized to serve EU users.
- Dubai's VARA has issued its 50th crypto license.
Crypto firms struggling to obtain licenses under the European Union's Markets in Crypto-Assets (MiCA) regulation are increasingly turning their attention to Dubai. With the July 1 deadline for full compliance approaching, only 244 crypto-asset service providers (CASPs) have secured the necessary licenses to operate across the EU.
This scarcity has led many European companies and founders to explore expansion into the United Arab Emirates, particularly Dubai, which is perceived as a more welcoming jurisdiction. Irina Heaver, a lawyer at NeosLegal in Dubai, reported a surge in inquiries, with her firm receiving over 120 weekly requests from European entities seeking to relocate their operations and intellectual capital.
Germany has issued the highest number of MiCA licenses with 57, followed by France with 26. However, several EU member states, including Greece, Hungary, Poland, Portugal, and Romania, have yet to issue any licenses. While major players like Coinbase and Ripple have achieved MiCA compliance, others face significant hurdles. Binance, Bitget, and MEXC are no longer authorized to serve EU users, and Binance is reportedly seeking a license in France. Bybit has also begun restricting certain services for users in the European Economic Area as part of its regulatory alignment.
Meanwhile, Dubai's Virtual Assets Regulatory Authority (VARA) continues to issue licenses, having awarded its 50th to the tokenized assets platform Tribe Tokenisation.